VICI will assume and immediately retire Golden Entertainment’s outstanding $426m of debt
VICI Properties has announced that all gaming regulatory and shareholder approvals have been met for the previously announced $1.16bn acquisition of 100 per cent of the land, real property and improvements of seven casino properties from Golden Entertainment.
The deal, covering seven of Golden’s casino real estate assets, is expected to close on or around April 30, 2026, subject to the satisfaction of remaining customary closing conditions. Upon closing, VICI will enter into a triple-net master lease with a newly formed entity that is owned and controlled by Blake L. Sartini, current chairman and chief executive officer of Golden Entertainment, which entity will have acquired the operating business of Golden.
Golden Entertainment shareholders will receive approximately 24.3m shares of newly issued VICI stock in exchange for the outstanding shares of Golden stock. VICI will assume and immediately retire Golden Entertainment’s outstanding $426m of debt using a combination of cash on hand and net proceeds from the settlement of outstanding forward sale agreements.
The Golden Master Lease will have an initial total annual rent of $87m and an initial term of 30 years, with four 5-year tenant renewal options. Rent under the Golden Master Lease will escalate annually at two per cent beginning in Lease Year 3. The obligations of Golden OpCo under the Golden Master Lease are guaranteed by a holding company that is owned and controlled by Mr. Sartini and owns all of the gaming and operating assets of Golden Entertainment, with additional credit support provided by financial covenants within the lease.
Blake L. Sartini, Chairman and Chief Executive Officer of Golden, said: “I believe this transaction maximizes value for our shareholders by providing a significant premium to our current share price. We are pleased to combine our high-quality Nevada casino real estate with one of the most attractive experiential real estate platforms in the country and partner together to unlock value in our company and explore future opportunities. Since founding Golden in 2001, I have focused on providing exceptional service to our guests on the Las Vegas Strip, in our Nevada regional resorts, local casinos and at our market leading taverns. This mission will remain unchanged and I am incredibly honored to lead Golden’s 5,000 employees into the next stage of our evolution as a private company.”
The post VICI Properties announces closing date for sale-leaseback transaction with Golden Entertainment appeared first on G3 Newswire.
VICI will assume and immediately retire Golden Entertainment’s outstanding $426m of debt VICI Properties has announced that all gaming regulatory and shareholder approvals have been met for the previously announced $1.16bn acquisition of 100 per cent of the land, real property and improvements of seven casino properties from Golden Entertainment. The deal, covering seven of…
The post VICI Properties announces closing date for sale-leaseback transaction with Golden Entertainment appeared first on G3 Newswire.